London-headquartered employee mental health platform Oliva has secured €5m (£4.3m) in funding to expand its network of therapists and launch into new markets.
Founded in 2020, Oliva’s service matches therapists with employees based on their individual needs and is paid for by employers. Companies using its service include insurtech firm Marshmallow and HR platform Leapsome.
The round was led by Molten Ventures, and included participation from existing investor Stride VC, along with new backer Alumni Ventures. It also attracted angel investment, including Kieran Flanagan, CMO at Zapier.
It brings Oliva’s total funding to £11m, including over £2m in pre-seed funding in July 2021 and £4.84m in a seed funding round in March 2022.
Oliva says it has doubled the size of its team and grown revenues by “over 300% year-on-year”.
Javier Suarez, previously co-founder of TravelPerk, and Sançar Sahin, previously VP marketing of Hotjar and Typeform, launched the company after struggling with burnout and mental health problems in the past.
Oliva’s services include on-demand therapy, group workshops and guided talks.
“Companies working with Oliva get more than a platform – they get a full-scale partnership for their employee mental health strategy,” said Suarez.
“And for employees – they don’t get short-changed by a system powered by bots. We offer evidence-led, human-centric support strategies that are tailored to their individual needs.”
The company, which is currently available in 27 countries, said it is looking to expand into additional markets and expand its network of 250 therapists.
It also plans to incorporate AI into its platform for tasks such as automated note-taking.
Sahin, who is the company’s chief marketing officer, told UKTN in April that he remains “sceptical” about AI chatbots replacing therapists.
It brings Oliva into Molten Ventures’ portfolio alongside the likes of Revolut, Trustpilot and Graphcore.
The European-focused VC has collectively written down the value of its investments by 10% compared to a year ago, amid a challenging economic environment that has rocked both public and private tech company valuations.
That includes a 40% writedown on its stake in Revolut and a 67% year-over-year drop for its investment in Graphcore.
“Poor mental health has a massive impact on employers and wider society,” said Dr Inga Deakin, Principal at Molten Ventures. “We have an opportunity to expand access to mental health support and early intervention beyond the usual structures of healthcare systems. Molten are proud to back the team at Oliva.”
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